"It's a great honor to be asked to be the next manager of Manchester United," Moyes told United's official website.

"I am delighted that Sir Alex saw fit to recommend me for the job. I have great respect for everything he has done and for the football club.

David Moyes: Alex Ferguson's successor 9 photos

David Moyes: Alex Ferguson's successor9 photos

David Moyes: Alex Ferguson's successor – Everton manager David Moyes (left) and Manchester United's soon-to-retire boss Alex Ferguson (right) are pictured during the FA Cup semifinal match between their two teams at Wembley Stadium in April 2009. United announced Wednesday that Ferguson, 71, will be retiring at the end of the season after more than a quarter of a century at the helm.

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David Moyes: Alex Ferguson's successor9 photos

David Moyes: Alex Ferguson's successor – Jose Mourinho, who is now Real Madrid coach, and Moyes look on during the FA Cup fourth round match between Everton and Chelsea at Goodison Park in January 2006 in Liverpool. Both men were potential candidates to replace Ferguson, before Moyes agreed a six-year deal with United.

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David Moyes: Alex Ferguson's successor9 photos

David Moyes: Alex Ferguson's successor – Moyes is pictured prior to kick off during the English Premier League match between Everton and Fulham at Goodison Park last month. Moyes is leaving Everton at the end of the season after he told the Merseyside club's chairman Bill Kenwright of his desire to join United and succeed Ferguson.

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David Moyes: Alex Ferguson's successor9 photos

David Moyes: Alex Ferguson's successor – Moyes urges on his team during the English Premier League match between Arsenal and Everton at the Emirates Stadium in north London last month. The Scot is considered to have done a superb job at Goodison Park given the relatively small financial resources he had at his disposal.

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David Moyes: Alex Ferguson's successor9 photos

David Moyes: Alex Ferguson's successor – Moyes attends the 24th Hillsborough Anniversary Memorial Service at Anfield last month in Liverpool. Thousands of fans, friends and relatives took part in the service to mark the death of 96 football fans in an FA Cup semifinal match in April 1989.

David Moyes: Alex Ferguson's successor – Moyes was made an Honorary Fellow for Outstanding Contributions to football and sportsmanship, by Liverpool John Moores' University during its annual graduation ceremony at the city's Anglican Cathedral in July 2011.

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David Moyes: Alex Ferguson's successor9 photos

David Moyes: Alex Ferguson's successor – Harry Redknapp -- then Tottenham manager, but now Queens Park Rangers boss -- and Moyes are pictured together after the Sir Bobby Robson Memorial Service at Durham Cathedral in September 2009. Former England manager Robson died aged 76 following a long battle with cancer.

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David Moyes: Alex Ferguson's successor9 photos

David Moyes: Alex Ferguson's successor – The family of murdered 11-year old boy Rhys Jones stand next to Moyes during a minute's appreciation before the start of the Premier League match between Everton and Blackburn Rovers at Goodison Park in August 2007. Rhys died after being shot in the neck as he played football with friends outside the Fir Tree pub in Croxteth, Liverpool in August.

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"I know how hard it will be to follow the best manager ever, but the opportunity to manage Manchester United isn't something that comes around very often and I'm really looking forward to taking up the post next season.

"I have had a terrific job at Everton, with a tremendous chairman and Board of Directors and a great set of players.

"Between now and the end of the season, I will do everything in my power to make sure we finish as high as possible in the table.

"Everton's fantastic fans have played a big part in making my years at Goodison so enjoyable and I thank them wholeheartedly for the support they have given me and the players. Everton will be close to me for the rest of my life."

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The appointment has been met with approval by leading players with defender Rio Ferdinand claiming the squad was "delighted."

He told the club's televisions station: "I think it was important that the club made a decision quickly and it all got sorted out. I think the club have acted impeccably in that sense.

"The manager, I'm sure, thought long and hard about his own decision, he made it and then the club acted swiftly and it's great to see the new manager coming in."

"Another reason I think it's a good appointment is that David Moyes will be very, very open and sympathetic to the traditions of the club and he'll try to continue that and not come in and make changes in terms of the whole characteristics of the club."

Moyes told Everton chairman Bill Kenwright of his desire to join Manchester United and succeed Ferguson on Wednesday.

The Liverpool-based side has finished outside the Premier League's top-10 only three times since he took over in 2002, and qualified for the European Champions League in 2005.

"Everton can confirm that David Moyes will leave the Club at the end of the season," the Merseyside club said in a statement.

"The manager met chairman Bill Kenwright on Wednesday May 8 and confirmed his desire to join Manchester United."

The statement added: "The chairman, on behalf of the club, would like to place on record his thanks to David for the massive contribution he has made to Everton since his arrival in March 2002. He has been an outstanding manager.

Moyes took charge of Everton on over 500 occasions with the club qualifying for Europe four times during his time as manager.

His final two games as Everton manager will be against West Ham United and Chelsea.

United is one of the world's biggest sporting brands, worth a reported $3.17 billion, with a fan base of more than 650 million worldwide.

Moyes arrives with United having sealed a series of lucrative sponsorship deals aimed at maximizing off-pitch revenue in order to be competitive under European football's financial fair play rules.

The club has been repaying large amounts of debt since it was bought by the American Glazer family in a highly leveraged £800 million ($1.25 billion) takeover in 2005.

This month United reported record third-quarter earnings of £91.7 million ($142 million) but an 18% increase in operating expenses plus payments on a gross debt that has fallen to £367.6 million ($572 million) meant a pre-tax loss of £3.15 million ($4.9 million) for the period.

Whether Moyes will be given significant funds to strengthen the squad for United's EPL title defense remains to be seen -- Borussia Dortmund's top scorer Robert Lewandowski has long been linked with a move to Old Trafford, but the Poland striker would command a hefty fee and wage packet.

United did not have to pay Everton compensation for Moyes, as his contract had been due to expire in July.

Moyes may need to find a replacement for Wayne Rooney, who has told the club he wants to leave according to British reports Thursday -- but United said he is not for sale.

Moyes gave Rooney his debut as a 16-year-old at Everton but they fell out when the England striker left for Old Trafford in 2004. Moyes later sued the player and his publisher over remarks made in his autobiography, but they settled out of court.

Rooney handed in a transfer request in late 2010, but was persuaded to stay by Ferguson and rewarded with a lucrative new contract that still has two years to run.